In-Vehicle Payment Services Market Trends That Will Shape the Next Decade: Insights from CarIQ Technologies and Visa Partner to Launch Vehicle Wallet, Revolutionizing In-Vehicle Payment Solutions

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How Large Will the In-Vehicle Payment Services Market Size By 2025?
The market size of in-vehicle payment services has seen a swift expansion in the past few years. Expected to upsurge from $4.27 billion in 2024 to $4.73 billion in 2025, it exhibits a compound annual growth rate (CAGR) of 10.8%. The surge witnessed in the historical period can be accredited to the convenience it offers to consumers and the escalating prevalence of connected vehicles.

How Big Is the In-Vehicle Payment Services Market Size Expected to Grow by 2029?
The market size for in-vehicle payment services is anticipated to witness significant growth in the upcoming years, reaching a value of $7.14 billion by 2029 with a compound annual growth rate (CAGR) of 10.8%. This expected growth in the forecast period can be attributed to persistent advancements in connectivity, a heightened emphasis on enhancements regarding the security of in-car commerce, regulatory support and standardisation, and integration with smart cities. Key trends expected during the forecast period are advancements in mobile technology, partnerships, and collaborations, application of blockchain for security, cooperation with fintech companies, along with the rise of subscription-based models.

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Which Key Market Drivers Powering In-Vehicle Payment Services Market Expansion and Growth?
The surge in preference for touch-free transactions is significantly spearheading the expansion of the in-vehicle payment services market. The COVID pandemic catalyzed a massive transition towards contactless payments, ably facilitated by superior and seamless support from the payment systems. To illustrate, in June 2024, the U.S. government reported a rise in the U.S. current-account deficit by $15.9 billion to $237.6 billion during the first 2024 quarter due to a larger goods trade deficit. This growth represented 3.4 percent of the current-dollar GDP, an increase from the prior quarter's 3.2 percent. The revised deficit for the fourth quarter stood at $221.8 billion. Therefore, the escalating inclination towards touch-free transactions could likely fuel the progress of the in-vehicle payment services market in the future.

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Which Fast-Growing Trends Are Poised to Disrupt the In-Vehicle Payment Services Market?
Leading firms in the in-vehicle payment services market are leveraging strategic alliances and partnerships to roll out sophisticated in-vehicle payment solutions and secure a competitive advantage. For instance, in July 2023, an Indian software firm, CarIQ Technologies Pvt. Ltd., joined hands with Visa Inc., an American credit card service firm, to unveil Vehicle Wallet. Car IQ Pay allows vehicles to handle payment accounts and carry out transactions with merchants without the need for physical cards. By teaming up with Visa, the technology gains broader application in the connected vehicle market, delivering personalized payment experiences powered by vehicle data. Its "Know Your Machine" function authenticates the vehicle's identity, assuring secure and smooth transactions.

What Are the Emerging Segments in the In-Vehicle Payment Services Market?
The in-vehicle payment services market covered in this report is segmented -

1) By Mode Of Payment: QR Code Or RFID, App-Based Or E-Wallet, Credit Or Debit Card-Based, Other Modes
2) By Form Factor: Embedded System, Tethered System, Integrated System
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Automated Guided Vehicles
4) By Application: Shopping, Gas Or Charging Stations, Food And Beverages, Toll Collection, Parking, Other Applications

Subsegments:
1) By QR Code Or RFID: QR Code Payments, RFID Tags
2) By App-Based Or E-Wallet: Mobile Payment Apps, Digital Wallets
3) By Credit Or Debit Card-Based: Contactless Card Payments, Chip And PIN Transactions
4) By Other Modes: Biometric Payments, Cash Payments

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Who Are the Global Leaders in the In-Vehicle Payment Services Market?
Major companies operating in the in-vehicle payment services market include Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Parkwhiz, Rivian Automotive Inc., PayByCar

Which are the Top Profitable Regional Markets for the In-Vehicle Payment Services Industry?
North America was the largest region in the in vehicle payment services market in 2024. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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